You want me to get a pre-what?

laptop with spreadsheet and coffee

Not sure if you’ve received a preapproval or a prequalification? The difference is in the details. With a prequalification, the lender has likely checked your credit, but used what they’ve been told to see what you might qualify for. With a pre-approval, the lender has gone deeper. In addition to verifying your credit, they are also verifying your bank statements, pay stubs, etc. This helps the lender do a better job for you from the very beginning of the process.

For more information on what your lender is asking for and why, read this article from Ruoff Home Mortgage: https://blog.ruoff.com/why-does-your-mortgage-require-so-much-paperwork

It is important to understand the difference between your monthly budget and your loan approval before hitting the street.  Many lenders will approve you to purchase at a much higher amount than what fits your monthly budget.  Lori Flynn Realty will help you stay within your budget and help you understand costs associated with after purchase updates.

Before we start scheduling showings, you will want to talk with a loan officer and get a pre-approval. Providing updated and accurate information will ensure the lender can get you qualified for the best loan program for you.  There are many programs to choose from.

Still have questions? Give us a call and we can help! 317-384-4712 or e-mail us lflynn(at)c21scheetz.com.

Posted on February 13, 2019 at 8:33 pm
Lindsay Ohmer | Category: Buying, Homeowner

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